Skimping on security for your business? 8 reasons that’s a mistake

November 27, 2017

Few dispute the value of a good business security system. After all, only 13 percent of convicted burglars say they would always continue the break-in if they noticed an alarm, according to a University of North Carolina-Charlotte study.

And businesses often are targets. One in five were victims of burglary or theft in the last five years, according to small-business insurer Insureon — a number that may be even higher considering many business thefts go unreported.

Despite the statistics, however, some business owners still don’t opt for security.

“A lot of people say, ‘Oh, we’re in a safe neighborhood’ or ‘Our landlord provides it,’” says Rachel Krnac, a senior product manager for Cox Business, which offers a range of detection and surveillance solutions. “But there are so many other ways a business benefits from and uses a security system than for alarm purposes.”

Here are eight facts you may not have considered — and why ignoring security is a mistake.

1. Theft by insiders is rampant

Employee theft costs you. Sixty-four percent of small businesses have experienced employee theft, according to a survey by the University of Cincinnati. And employee theft at U.S. retail stores accounts for more lost revenue than shoplifting — about $18 billion per year.

High-definition cameras temper temptation and let you confirm when employees arrive or leave. “Business owners can pull up a video feed on their phones or tablets from anywhere,” Krnac says.

2. Don’t rely on your landlord

Your landlord has different security priorities. “Some folks assume security isn’t their responsibility if they rent office or retail space in a strip mall or complex,” Krnac says. “But a landlord won’t necessarily notify you if someone breaks into your suite.”

A good security system will. For example, with a Cox package, you can receive text or other alerts when doors open or close, when the system arms or disarms and so on. The professionally monitored service can dispatch police. Cameras can record when they sense motion — and with HD video you’ll see details. Meanwhile, your landlord may settle for cheap, outdated equipment and fuzzy video.

3. Theft can cripple your business

Even if your business doesn’t keep pricey equipment, inventory or cash on-site, there are plenty of valuables — proprietary information, accounting files, records and more. And one thief’s quick score of a few laptops or a disgruntled employee’s revenge could bring down your livelihood.

A good security system monitors and secures your files and backups and can help restrict access to certain areas.